Bayesian Capital Management LP Buys Shares of 6,104 CONMED Co. (NYSE:CNMD)

Bayesian Capital Management LP purchased a new position in CONMED Co. (NYSE:CNMD) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 6,104 shares of the company’s stock, valued at approximately $489,000.

A number of other institutional investors also recently made changes to their positions in CNMD. Fifth Third Bancorp lifted its stake in shares of CONMED by 6.0% in the 4th quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock worth $1,903,000 after acquiring an additional 987 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of CONMED by 2.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,007 shares of the company’s stock worth $1,534,000 after purchasing an additional 382 shares in the last quarter. Moody Aldrich Partners LLC bought a new stake in shares of CONMED in the 4th quarter worth approximately $4,282,000. Mutual of America Capital Management LLC raised its holdings in shares of CONMED by 9.6% in the 4th quarter. Mutual of America Capital Management LLC now owns 35,817 shares of the company’s stock worth $3,922,000 after purchasing an additional 3,145 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in shares of CONMED in the 4th quarter worth approximately $1,686,000.

Insiders Place Their Bets

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $71.82, for a total value of $287,280.00. Following the sale, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Martha Goldberg Aronson purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average cost of $70.98 per share, with a total value of $141,960.00. Following the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $141,960. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now directly owns 63 shares of the company’s stock, valued at $4,524.66. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CNMD. Piper Sandler reduced their price target on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Wells Fargo & Company cut their target price on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. cut their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Finally, Needham & Company LLC cut their target price on shares of CONMED from $107.00 to $106.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.60.

CONMED Stock Performance

NYSE:CNMD traded down $1.02 during midday trading on Wednesday, reaching $68.50. The stock had a trading volume of 18,634 shares, compared to its average volume of 519,596. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $121.11. The firm’s fifty day simple moving average is $71.06 and its 200-day simple moving average is $77.31. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. The stock has a market capitalization of $2.11 billion, a P/E ratio of 26.64, a PEG ratio of 0.67 and a beta of 1.42.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Friday, June 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.17%. CONMED’s payout ratio is presently 30.65%.

CONMED Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.